August is the fourth-consecutive yearly decline for the statewide rent benchmark.
The typical California apartment cost $1,958 a month in August, that’s off 2.4% in a year – the biggest drop since March 2021 as pandemic-era lockdowns were still chilling the economy. Nationally, rents fell 1.2%.
You see, landlords became discounters this year because renters have options. Just ponder the growing number of empty units. Still, it’s relatively hard to find a place. California vacancies remain below pre-pandemic norms – they averaged 5.4% in 2018-19.These are broad trends. Rents fell in all but one of 15 counties tracked with most of the steepest decline to the north. Vacancies rose across the state.
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